By Marisa Wong
Morgantown, W.Va., July 7 – Filinvest Land, Inc. said wholly owned subsidiary Cyberzone Properties, Inc. issued PHP 6 billion of 5˝-year maiden retail bonds carrying a coupon of 5.0496%.
The deal was oversubscribed, with total demand reaching 2.65 times the PHP 5 billion base issue size, according to a press release.
As a result, Cyberzone exercised the oversubscription option for up to an additional PHP 1 billion of bonds.
BDO Capital & Investment Corp., BPI Capital Corp., EastWest Banking Corp. and First Metro Investment Corp. acted as joint issue managers, bookrunners and lead underwriters for the bond offering. PNB Capital and Investment Corp. and SB Capital were co-lead underwriters.
“The proceeds from this bond issue will be used to finance [Cyberzone’s] aggressive build-up program involving the construction and operation of 5 additional buildings in Northgate Cyberzone, in Filinvest City, Alabang and 3 new towers in Cyberzone Cebu, in Lahug, Cebu City, in the next three years. We continue to be optimistic about the [business process outsourcing] industry and the overall office leasing market,” president Joseph M. Yap said in the press release.
The company listed the bonds on the Philippine Dealing Exchange on Friday.
Based in Muntinlupa, Philippines, Cyberzone owns and manages office buildings used mainly by technology-based companies. Filinvest Land is a Manila-based homebuilder.
| Issuer: | Cyberzone Properties, Inc.
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| Issue: | Fixed-rate retail bonds
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| Amount: | PHP 6 billion
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| Maturity: | 5˝ years
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| Coupon: | 5.0496%
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| Underwriters: | BDO Capital & Investment Corp., BPI Capital Corp., EastWest Banking Corp. and First Metro Investment Corp. (lead); PNB Capital and Investment Corp. and SB Capital (co-lead)
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| Announcement date: | July 7
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| Rating: | PhilRatings: Aaa
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